US Presidential Aspirant Yang Promises Clear Crypto Guidelines

Andrew Yang, who is seeking a Democratic party nomination for fighting Donald Trump in the 2020 presidential election, said he aims to create clear guidelines in the digital asset world so that businesses and individuals can invest and innovate in the area without fear of a regulatory shift.

The 44-year old entrepreneur and philanthropist released a new policy statement for crypto-assets, becoming the first 2020 presidential aspirant to do so.

Despite being a flourishing market for cryptocurrency, the United States does not have a national framework for regulating it, with several federal agencies claiming conflicting jurisdictions. At the same time, many states have come up with varying regulations that make it difficult for the US cryptocurrency markets to compete with those in other jurisdictions, especially China and Europe.

Currently, different departments of the federal government consider digital assets as property, commodities, or securities. Some states have onerous regulations, such as New York's BitLicense..

Yang promised that if elected President, he will promote legislation that provides clarity in the cryptocurrency/digital asset market space. The legislation will define what a token is, when it is a security, and which federal agencies have regulatory power over the crypto/digital assets space.

The law will ensure consumer protection, clarify the tax implications of owning, selling, and trading digital assets, and pre-empt state regulations when possible to create one national framework, he said.

Earlier this month, a bipartisan legislation was introduced in the House of Representatives to give cryptocurrencies a clear legal standing in the country.

Introduced by Rep Warren Davidson and co-sponsored by Democratic presidential hopeful Tulsi Gabbard, the Token Taxonomy Act of 2019 seeks to exempt certain cryptocurrencies and other digital assets from federal securities laws, allowing individuals to more easily trade or transact with select coins.

Yang has vowed to work with the sponsors of the Token Taxonomy Act and Wyoming legislators to promote his crypto legislation.

Born in New York as the son of Taiwanese immigrants, Yang is the founder of Venture for America (VFA). The Obama administration in 2012 selected him as a "Champion of Change" and in 2015 as a "Presidential Ambassador for Global Entrepreneurship".

One of the main elements of Yang's bid for the 2020 presidential nomination is a proposal for Universal Basic Income (UBI), known as the Freedom Dividend, for every American adult up to the age of 64.